The Nigerian naira recorded its highest depreciation against the dollar this week at the official foreign exchange market.
This is coming amid United States of America President Donald Trump’s tariff announcement.
Data from the Central Bank’ of Nigeria’s exchange indicated that the Nigerian currency dropped to N1,552.53 per dollar on Thursday from N1,531.25 its trade on Wednesday.
This implies that the naira dropped by N21.28 against the dollar on Thursday compared to N1,531.25 exchanged the previous day.
DAILY POST reports that this is the highest depreciation against the dollar on a single day since March 22, when the currency dropped by N18.96 weekly at the official market.
Similarly, at the black market, the naira weakened by N5 on Thursday to N1,560 per dollar from N1,555 traded on Wednesday.
The development comes despite CBN’s announcement that the country’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years.
The drop in the naira at both official and parallel foreign exchange markets follows Trump’s administration’s tariff announcement on Wednesday.
The situation has sparked outrage across the world.
